By Sajjan Kumar
As India races towards its manifest destiny of becoming a developed nation, its growth paradigm continues to rise. India is witnessing great social, political and cultural changes and has become one of the fastest growing economies. The sheer size of the India market is the primal cause of the complexity a marketer has to consider before they decide to bring their business here. India market consists of more than a billion people who differ from each other in terms of language spoken, religion followed, and personal beliefs. This diversity is also reflected in the buying decision.
Indian consumers prefer quality for every purchase. They consider the best product available, quality and price offerings collectively before making any purchase decision. Recent study by Nielsen states that Indian consumers are now more informed about the product they want to buy. They invest significant amounts of time and energy in doing primary research for their purchase decision.
1. Consumers are now aware of the offerings in the international market and are willing to spend for the same.
2. Consumers are selective in their choices. They conduct a careful assessment of all their options and go for best option available. They don’t compromise on a better product or service but actively hunt and look for the best deals, or will restrict consumption to buy the better offer.
3. Across categories, consumption is not limited to the metro cities. With increasing incomes and awareness levels, the needs and consumption patterns in Tier 2 and 3 cities are rapidly converging with those of the larger, more affluent towns.
4. Consumers don’t just jump at the more expensive offer; they hunt for greater value, look for distinct differences and make careful choices.
5. The disposable income of consumers differs largely with different geographical areas. The vast expanse of regions and great differences in culture and social systems will always formulate different consumer psychologies.
These reasons will always create various clusters of consumers divided geographically and with their social systems, thus keeping India a complex marketplace even in the near future. But, we can say that this complex market provides great opportunities for brands to grow. Due to different requirements brands should focus on providing quality products available at different price points and specifications, catering to every customer need. It is achievable for brands to become a box of ability catering to each and every consumer need and thus growing.
Sajjan Kumar is VP, Imaging, Nikon India